Biggest Federal Student Loan Secret for Lawyers

So you went to law school here in New Jersey, you got a degree, but no job (or no high paying job), and over $100,000 in student loans that you can't afford to repay! Now what do you do?

Well, if the lion's share of those student loans were through federal programs like Stafford and Graduate PLUS, plenty! You probably did not opt for a specific repayment plan and got stuck in a standard, ten year fixed payment plan. At 7.9% interest on the law school loans, a $100,000 balance will set you back $1,208 per month! Ouch!

But the Department of Education offers repayment plans that are income based! They go by your debt-to-income ratio and have a 25 year repayment plan. Yes, I know you do not want to be paying your loan for that long, but consider this.

These plans are not about paying off your loan; they are about surviving financially while making the payments. Should you make partner at a big firm and be able to pay $1,200 per month, then great! Change your repayment plan!

On the other hand, if you struggle for 25 years and there is still a balance on the loan at the end? It gets wiped out! You might face a tax bill for the forgiveness income, depending what the tax laws are then, but you would have been able to pay every month and live your life (and the career you always wanted)!

If you live in New Jersey and are struggling with payment on federal student loan debt, I may be able to be of assistance. Just download this questionnaire, fill it out, and then fax it to me at 856-686-9911 or e-mail it to me. I will then review it to determine if I can be of assistance and contact you to discuss representation.

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I hope you find my web site useful and informative, and that it answers your questions. However, you should know that this site's content is no substitute for a consultation with an attorney. Each person's case is different, and the pages on this site are designed specifically to provide general answers on New Jersey law and bankruptcy filings in New Jersey (and not for any matters outside New Jersey). For that reason, this site cannot serve as legal advice on your particular case, nor should you assume the existence of an attorney-client relationship either by reading its pages or contacting me initially by e-mail. I encourage you to contact me and schedule an appointment to come in. Let me give you a legal opinion based on your case that will help you specifically.

I hope you find my web site useful and informative, and that it answers your questions. However, you should know that this site's content is no substitute for a consultation with an attorney. Each person's case is different, and the pages on this site are designed specifically to provide general answers on New Jersey law and bankruptcy filings in New Jersey (and not for any matters outside New Jersey). For that reason, this site cannot serve as legal advice on your particular case, nor should you assume the existence of an attorney-client relationship either by reading its pages or contacting me initially by e-mail. I encourage you to contact me and schedule an appointment to come in. Let me give you a legal opinion based on your case that will help you specifically.

During these uncertain times, Richardson Law Offices remains available to help you, because even though we are all practicing social distancing, you still have a legal problem that is causing stress in your life. You need advice and assistance in dealing with it from an experienced attorney with out risking your health.

Our office is open, and we are ready to help you with your legal matter. We are happy to provide a virtual consultation, so you can talk to a lawyer from the safety and comfort of your home. Get more information here or call 856-432-4113.